The board of directors of Infrastructure Leasing and Financial Services (IL&FS) has decided to sell the firm's stake in IL&FS Securities Services (ISSL) and ISSL Settlement and Transaction Services (ISTSL). The two subsidiaries are engaged in professional clearing services and equity and other derivatives, and commodities derivatives services, respectively, said a company spokesperson.

Arpwood Capital and JM Financial are the financial and transaction advisors, while Alvarez and Marsal are the resolution consultants.

A statement from the board says they are "cognizant that these steps would advance the process for putting together resolution plan(s) for the IL&FS group, based on market interest and price discovery for the assets. Any binding transaction for the sale of assets, and the resulting resolution plan(s), will be subject to requisite approvals before the transactions are implemented."